Overview
- The annulment committee vacated the 2022 ICSID award that had ordered South Korea to pay Lone Star $216.5 million plus interest.
- Lone Star must reimburse about 7.3 billion won in South Korea’s legal costs within 30 days.
- The committee acted on procedural defects under Article 52 of the ICSID Convention rather than reexamining the dispute’s merits.
- Both Lone Star and the South Korean government had petitioned to annul the 2022 ruling from opposing positions.
- With the award void, enforcement is unavailable and legal experts say re-arbitrating identical claims would be highly difficult.